New Delhi, Apr 10 (PTI) Runaya Metsource, a company promoted by Vedanta Ltd Chairman Navin Agarwal’s son Naivedya Agarwal, has signed an agreement with Russian aluminium firm UC Rusal for a 50:50 joint venture in India.
The JV is first of its kind startup with a focus on high-end manufacturing and will produce high technology aluminium paste and powders in India, a statement said.
“This JV is setting up a world class, ‘state of the art’ 10,000 tonnes per annum facility, specialising in the production of high technology aluminium pastes and powders with a wide range of high-end applications, including in additive technologies and solar energy,” it said.
Currently the demand of these products in India is met through global sources.
Naivedya Agarwal, the CEO of Runaya Metsource and designate Managing Director of the JV said, “Runaya’s strategy is to identify businesses focusing broadly on material sciences and deliver products with high technology applications, through alliances and partnerships with global leaders.”
Alexey Arnautov, RUSAL’s director for new projects said, “RUSAL s strategic priority includes the increase in production and sales of high value added products, including the creation of joint ventures.
“A combination of RUSAL s long lasting experience in production of aluminium powders and pastes as well as Runaya Metsource s strong position as a local player create solid competitive advantages for the JV and is an excellent foundation to penetrate the market,” Arnautov said.
The project will begin this year and commence commercial production in 2018.
This is published unedited from the PTI feed.